Three pieces of data caught my attention this week showing the continued weakness in the employment markets. As the Dow closed in on 10,000 (50% off its March lows, but still 40% off its 2007 highs) earlier this week, I continued to wonder how the economy could have a robust recovery when the employment (and therefore the consumer) picture remained so weak. This is what many refer to as the disconnect between Wall Street and Main Street.
Here were the three data points:
- Job seekers exceed available jobs by ratio of 6:1, according to story in NY Times last weekend.
- Digging into the September jobs report, where 263,000 jobs were lost and the unemployment rate ticked up to 9.8% on its way to 10%, found some disconcerting data on the education front:
- The picture is even bleaker for teens as unemployment among teenagers hit record levels in September too as this Wall Street Journal opinion piece noted: